市占率达45.4%，境外展会龙头米奥会展年底冲刺AH股

Core Viewpoint - Miao Exhibition, a leading player in the exhibition service industry in China, is facing declining revenues and profits despite holding over 40% market share in overseas exhibitions. The company is preparing for an A-H share listing to attract global capital and enhance its brand image [1][10]. Group 1: Company Overview - Miao Exhibition has submitted a listing application to the Hong Kong Stock Exchange, with CMB International as its sole sponsor [1]. - The company is the top overseas exhibition organizer in China, with a market share of 45.4% in the number of exhibitions and 28.2% in exhibition area as of 2024 [1][8]. - Miao Exhibition provides comprehensive services including exhibition management, booth sales, and related services, having successfully organized 77 exhibitions across various sectors [1]. Group 2: Financial Performance - The company's revenues from 2022 to the first half of 2025 were RMB 348 million, RMB 834 million, RMB 751 million, and RMB 240 million, respectively, indicating a downward trend [1][3]. - Net profits for the same period were RMB 52 million, RMB 188 million, RMB 156 million, and RMB 14 million, with a significant drop in net profit margin from 22.51% in 2023 to 5.83% [1][9]. - The company’s cash and cash equivalents stood at RMB 514 million as of June 2025 [1]. Group 3: Business Segments - Miao Exhibition's main revenue source is from exhibition hosting services, which saw a decline of 12.6% and 5.4% in 2024 and the first half of 2025, respectively, reducing its revenue share to 89.4% [2][3]. - The exhibition agency service segment, however, is growing, with its revenue share increasing to 9.5% [2][3]. Group 4: Market Position and Trends - The global exhibition market is recovering post-pandemic, with a compound annual growth rate (CAGR) of 13.9% in the number of exhibitions in China from 2020 to 2024 [6][8]. - The overseas exhibition market is experiencing even stronger growth, with specialized exhibitions showing a CAGR of 206.7% in number and 182% in area from 2020 to 2024 [8]. - Miao Exhibition has a strong brand presence and a stable customer base, with approximately 6,000 to 9,000 clients over the years [8]. Group 5: Technological Investment - The company is investing in AI and digital transformation, aiming to create integrated solutions that combine exhibition services with AI technology and supply chain services [4][5]. - Miao Exhibition has registered multiple patents and software copyrights, with its core product, AI Hui Exhibition, enhancing interaction between exhibitors and attendees [5]. Group 6: Future Outlook - Despite its leading market position, Miao Exhibition faces challenges with declining revenues and profitability due to rising costs and fluctuating core business performance [9]. - The company’s upcoming A-H share listing is seen as a strategy to attract investment and improve its financial standing, although its fundamental performance needs significant improvement [10].